THQ defaulted on loan

Everyone's known for some time that THQ has been in trouble. Well, they're in discussions with their lender (Wells Fargo) to try to work something out. They've use at least 43.75 million dollars of their 50 million dollar credit line to cause this default to occur. They also have 100 million in outstanding corporate bonds. So their total debt is nearly 150 million. On top of that, they pushed back all three games that are coming out soon (Company of Heroes 2, South Park The Stick of Truth, and Metro Last Light) which will further hurt their ability to generate cash for the next few months. They had better have a spectacular holiday season this year. If things don't go just right, the banks might end up forgiving the debt in order to essentially take ownership of the company (debt to equity conversion) or they could force them into bankruptcy.

I just want that South Park game, after that, good riddance to THQ, the only good games they've ever made were Red Faction and Darksiders. I hate Saint Row. But really, who entrusted South Park to a company like THQ? They could have given the project to Gearbox, look how successful and awesome Borderlands is.

Don't worry guys, South Park is coming out. All three of the delayed games are so far along that SOMEONE will release them even if it isn't THQ. I thought Metro 2033 was pretty good and was personally looking forward to Last Light - actually I want all three of the games they delayed though I probably won't buy Company of Heroes 2 for quite some time (but I will get it eventually when it's super cheap on steam).

Things have not been going well for THQ for the last few years. Honestly, I haven't really played many THQ published games in a long time, mainly because I feel many of games they publish lack polish or are just mediocre sequels to whatever game.

I give them credit for trying new thing IPs, etc. It does look like it's going to hurt them even more when what I would say is their most anticipated title gets delayed much later in an already grim future.

What THQ needs to do is revamp their company. if what they are currently doing right now isn't working, why not revamp on their gener of games.

evidently their current games aren't cutting it, they are usually acting way to late on styles of games, it's time for this company to come out of the closet. basically, they should try new styles of games that people are wanting instead of making games they Don't want. no wonder why this company is in trouble. o.O lolz

Wasn't there current downfall started by the U draw tablet not being a success....there games have typically be consistent B's not too bad

They've been "turning the company around" for 5 years. Hey had 1 billion in cash at one point. The udraw fiasco caused them a 100 million dollars loss. Now ubisoft is making a copy cat udraw called drawsome. Idiots.

Why would they waste money on that just create the software for the wii U save on hardware cost smh!

Btw sorry about the typing I'm on my phone.

I don't know why they made that, it's hardly a cash in. I would have copied skylanders, not udraw. THQ isn't even bothering to port the udraw software to the wii u tablet. How hard can it possibly be? The wii u is already backwards compatable so all they have to do is make it work with the wii u tablet and since the development cost is already spent, it's very little risk. No wonder they are in so much trouble.

I don't know why they made that, it's hardly a cash in. I would have copied skylanders, not udraw. THQ isn't even bothering to port the idraw software to the wii u tablet. How hard cn it possibly be? The wii u is already backwards compatable so all they have to do is make it work with the wii u tablet and since the development cost is already spent, it's very little risk. No wonder they are in so much trouble.

THQ have always had decent games, but they need to stop thinking that all their releases are AAA massive COD contenders. If they set realistic sales targets and made games that were either more niche or less shovelware (though many times these sell pretty well aside from U draw. rofl) they might be in a better financial situation.

That being said, I hope Darksiders II sells well on the Wii U (doubt it) but I love that series it deserves to continue.

I know some folks were hoping that Metro 2033 would be ported to the PS3. I played it on my 360, it was on sale for $10 (download) a few weeks ago. Pretty short and not the best game but entertaining. I liked it. I guess any chance of it being ported to the PS3 now is gone. If you haven't played it, I'd recommend checking it out on PC next time they have it for next to nothing on Steam. When Last Light comes out I might get it for PS3 if that version is superior.

Bought Darksiders 2 purely to help "push" for a 3 that follows 1. Looks more and more like that will never happen
(Didnt sell, the main dude left, now this.. :/)

They only shipped 1.4 million and since they haven't sold through, retailers probably won't reorder. The main guy left about two weeks before the investor conference call, no doubt because of the poor sales. C

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